French industrial group Seche Environnement has agreed to buy Singapore’s ECO Industrial Environmental Engineering for around S$605 million ($447.4 million), according to a statement by the company dated Monday.
The group is buying the Singaporean hazardous waste company from Beijing Capital Eco-Environment Protection Group, according to the statement.
Reuters reported earlier this month that the sale had attracted interested companies including global infrastructure investors such as Actis and I Squared Capital.
“ECO will provide us with a platform for significant growth in the (Asia-Pacific) region in all our businesses,” Seche Environnement’s CEO Maxime Seche said in the statement.
“This is a major operation that will accelerate our strategy of profitable growth,” he added.
ECO is the number one operator in Singapore’s hazardous waste recovery and treatment market, with a market share of around 32%, Seche Environnement said in the statement.
In 2023, ECO generated sales of around S$96 million and adjusted earnings before interest, taxes, depreciation and amortization of around S$41 million, the statement showed.
Citi acted as the exclusive sell-side financial advisor to Beijing Capital on the transaction, according to a separate statement by Beijing Capital.
Seche Environnement hired BNP Paribas as financial advisor and Latham & Watkins as legal advisor for this deal, its statement said.
Source: Reuters.com